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Former Rep. Collins sentenced to 26 months in prison

Credit: Reuters - Politics
Published on January 18, 2020 - Duration: 00:58s

Former Rep. Collins sentenced to 26 months in prison

Chris Collins, a former U.S. congressman from New York who was an early backer of President Donald Trump, was sentenced to 26 months in prison and fined $200,000 on Friday after pleading guilty to taking part in an insider trading scheme.

Jillian Kitchener has more.

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Former Rep. Collins sentenced to 26 months in prison

Former New York Congressman Chris Collins was sentenced to 26 months in prison on Friday and fined $200,000 after pleading guilty to taking part in an insider trading scheme.

The 69-year-old was convicted of trading on insider information while a board member and stakeholder of an Australian biotech firm.

After learning from an email sent by the company's chief executive that an experimental multiple sclerosis drug had failed a clinical trial, Collins relayed the news to his son.

That allowed him to sell shares before the news became public and eroded their value.

His son also passed the tip on to others.

The Republican lawmaker, who was an early backer of President Donald Trump, pleaded guilty in October in a Manhattan federal court to charges of conspiracy and making false statements, a day after resigning from his seat in the U.S. House of Representatives.

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